PG&E to Invest $100M in Solar Energy Systems for Homeowners
New Initiative to Spur Solar Energy Industry in U.S.-
An investment arm for electric utility PG&E Corp. recently announced it will invest $100 million in rooftop solar systems for 3,500 new homes in five U.S. states, from California to New Jersey. As a partner in the project, San-Francisco based SunRun will offer long-term lease and power purchase agreements to homeowners, who in turn will pay a monthly fee to use the power generated by their solar energy systems, rather than owning the equipment outright. Pacific Capital II LLC will fund solar financier SunRun Inc.’s installations and take a portion of the revenue. SunRun will manage the project. The systems will be installed over the next two years in Arizona, California, Colorado, Massachusetts and New Jersey. SunRun will allow homeowners to pay off solar systems through monthly installments, helping to provide consumers with affordable renewable energy without having to pay sometimes towering upfront costs.